The lending landscape is rapidly evolving, and credit unions must adapt to stay competitive. With rising interest rates, changing borrower preferences, and significant technological advancements, the future of lending for these institutions by 2025 will look markedly different than it does today. This article delves into the primary changes expected over the next few years and offers valuable insights into
In an era marked by rapid digitalization and the need for agility, small and medium-sized enterprises (SMEs) in Egypt are increasingly turning to digital payment methods to drive growth and resilience. The third edition of Mastercard’s SME Confidence Index sheds light on this pivotal shift, revealing that a staggering 85% of Egyptian SMEs have now embraced digital payments. This transformation
The rapid surge in mobile financial services across Africa reveals significant adoption of digital financial solutions by the continent’s population. This profound shift in managing finances illustrates how mobile payments and mobile banking are now integral to daily transactions. The widespread embrace of mobile finance services signals a transformative period where financial inclusion and economic empowerment are becoming accessible to
With the dominance of digital technology permeating every facet of our lives, a recent study sheds light on how US consumers are tilting toward digital wallets for international payments, revealing a compelling trend. An impressive 42% of these consumers now favor digital wallets over traditional methods like credit cards or bank transfers. This shift, driven by the need for faster,
In an exciting move that embraces the changing landscape of car ownership, Klarna, the AI-powered payments and commerce network, has embarked on a groundbreaking collaboration with Munich-based startup FINN. By offering Klarna’s flexible payment options to FINN’s German customers, the new partnership introduces a convenient “monthly invoice” product that streamlines the often complex financial management involved in car ownership. This
In recent years, the rapid growth of digital payments has created numerous opportunities for transforming governance in the Asia Pacific region. The digital payments market is projected to reach an astounding US$36.75 trillion globally by 2029, indicating that the future of transactions lies in electronic methods. Within Asia Pacific, digital payments are expected to surpass traditional cash transactions by 2028.
Financial institutions are currently facing a significant decision with the introduction of the Federal Reserve’s FedNow instant payment system in June 2023, which arrives six years after The Clearing House’s RTP (Real-Time Payments) system was established in 2017. The key question is whether banks should adopt the new FedNow system, stick with RTP, or incorporate both systems. Industry experts suggest
A significant shift in e-commerce payments is currently underway, as TrueLayer’s Pay by Bank service reaches new milestones and gains widespread acceptance among consumers and merchants alike. The service’s rapid growth since 2021, particularly in the UK, indicates a transformative trend in the way transactions are processed online. As the world moves towards more secure and efficient payment methods, Pay
Jazari, a global remit now, pay later platform, has teamed up with Bud Financial in a significant move aimed at enhancing support for migrant workers. This partnership seeks to streamline remittance processes and improve access to credit, particularly in the face of financial challenges such as limited incomes and lack of credit access. These issues are further intensified by high
Kakao Pay, a renowned player in the online payment industry, has strategically ventured into offline payments, marking a pivotal shift in its operational focus. In 2024, the company noted an impressive 125% increase in offline payment usage compared to the previous year. The uptick wasn’t limited to a single quarter; both the number of transactions and users witnessed growth of
Mastercard has joined forces with the GCC fintech platform Tamara to launch a virtual card in the UAE, aiming to enhance the split payment landscape. This collaboration enables Mastercard to solidify its presence in the flexible payment and lending arenas, offering cardholders the option to divide payments at checkout. According to a report by Ken Research, the transaction value of
Kenya’s financial sector has witnessed a significant transformation with the introduction of advanced credit risk assessment tools developed by TransUnion Kenya and FICO. These cutting-edge innovations are reshaping the lending landscape by allowing banks and digital lenders to make more accurate loan decisions without the traditional requirement of physical collateral. This shift towards a reputational collateral-based approach is a groundbreaking
